Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The ice and snow tourism sector is experiencing a surge in popularity, with the ice and snow economy expected to exceed 1 trillion yuan. The government has set a target for the total scale of the ice and snow economy to reach 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [1][2] - The introduction of spring and autumn breaks in various regions is anticipated to boost off-peak travel, with many scenic spots offering discounts to attract visitors [3][4] - The ice and snow tourism concept index has shown significant growth, outperforming the broader social service index, indicating strong market interest and investment potential in this sector [2] Summary by Sections Ice and Snow Tourism - The ice and snow economy is projected to grow significantly, with a government policy aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030. Recent data shows a 27.8% year-on-year increase in visitor numbers to ski resorts [1] - The popularity of outdoor skiing has surged, with search volumes increasing by nearly 900% since mid-October, indicating a strong market trend [1] - The ice and snow tourism concept index rose by 6.34% in the week of October 20-24, outperforming the social service index by 3.74 percentage points [2] Spring and Autumn Breaks - Various regions are implementing spring and autumn breaks for schools, which are expected to enhance travel during traditionally slow periods. Discounts and special offers from scenic spots are likely to attract more visitors [3][4] - Data indicates a significant increase in hotel bookings and flight reservations for destinations popular during the autumn break, suggesting a positive impact on travel demand [4] Investment Recommendations - The report suggests focusing on companies within the ice and snow tourism sector, such as Changbai Mountain, as well as those benefiting from the new school holiday policies, including Lingnan Holdings and Huangshan Tourism [4][8] - Short-term investment strategies should prioritize companies with strong third-quarter performance and those positioned to benefit from the upcoming holiday seasons [8][9]

Core Insights - The new consumption demands of young people are becoming a significant driving force in the market, characterized by a focus on ritualistic consumption, self-expression, and a preference for healing products [1] Group 1: Immersive Experiences and Emotional Consumption - Young consumers are increasingly drawn to immersive dining experiences, such as a themed restaurant in Beijing that combines dining with live performances, indicating a strong demand for emotional value and cultural confidence [3][5] - The restaurant has seen overwhelming popularity, with good seats requiring reservations two weeks in advance, highlighting the trend of experiential dining [5] Group 2: Unique Consumption Trends - In Jiangxi, a new trend of "flower arranging while strolling" is gaining popularity, allowing young people to express their aesthetic individuality and collect small joys in life [6] - A creative store in Dalian offers a playful twist on seafood sales, where the process of purchasing plush toys is designed to be entertaining and engaging, further emphasizing the importance of fun in consumption [8][10] Group 3: Self-Expression through Travel - Young travelers are eager to capture unique moments during their trips, as seen in a scenic area in Guizhou where abstract sculptures attract visitors for photo opportunities, reflecting a desire for self-expression [12][13] - The trend of creating unique crafts from local materials at a "ugly market" in the same region showcases how young people are looking to personalize their experiences and express their individuality [17] Group 4: Economic Impact of New Trends - The introduction of extreme sports and specialized filming services at a scenic spot in Guizhou has led to a doubling of visitor numbers compared to the previous year, demonstrating the economic potential of these new consumption trends [18][20]

Core Viewpoint - The "Good Hospitality Shandong: Eight 'Fresh' Seafood Competition" event in Yantai aims to promote culinary arts and tourism, enhancing consumer enthusiasm and economic vitality while supporting the high-quality development of the marine industry [1] Group 1: Event Overview - The event features top chefs from 16 cities in Shandong, showcasing their seafood culinary skills in a competitive format [1] - Activities include a free tasting of the "Eight Fresh Soup," attracting numerous visitors and enhancing the overall experience [1] Group 2: Cultural and Economic Impact - The event is guided by the Shandong Provincial Department of Culture and Tourism and aims to create a high-quality immersive cultural tourism experience that integrates dining, accommodation, travel, shopping, and entertainment [1] - The competition is designed to stimulate consumer spending and boost economic activity in the region [1]

央广网北京10月26日消息（记者孔颖）据中央广播电视总台中国之声《新闻和报纸摘要》报道，深 中通道桥隧转换的关键枢纽——西人工岛25日开始文旅试运营，主要围绕岛上的粤港澳大湾区跨海通道 科普基地开展研学、观光。今年以来，多个交通领域"超级工程"携手文旅产业，打造"交旅融合"新地 标。 游客：很壮观、很宏伟。作为贵州人的自豪。 中国旅游研究院研究员韩元军认为，超级工程文旅开发既为游客提供了全新的旅游体验，也让超级 工程背后的科技和精神内涵得以传播，为城市发展注入新活力。 韩元军：超级工程文旅开发具有巨大的综合效应，既能带来显著的经济效应，更能带来巨大的社会 效应。将科技等元素融入项目，通过开展旅游活动，激发广大中国老百姓的自豪感和认同感。 深中通道西人工岛25日启动文旅试运营，该文旅项目运营企业运营管理部部长陈海亮介绍，眼下进 行为期一个月的运营前压力测试，逢周一到周五定点面向企业和研学团体开放预约，周六、周日面向社 会公众个人开放预约。 陈海亮：一方面，在户外展区其实放置了很多海底沉管隧道的钢壳的试验段，配套我们的图文解 说，可以直观了解到这些核心技术。另外，这里沉浸式的VR和AR互动内容展示，可以很直观和生 ...

10月24日，世界市长对话·郑州暨2025郑州国际旅游城市市长论坛期间，与会嘉宾在阜民里文化街区进行对 话。 城市，是文明最集中、最丰富的表达载体。如何让老城市的记忆不褪色、新生活的烟火更鲜活？ 10月24日下午，郑州商代古城墙脚下，管城回族区阜民里文化街区城市阳台之上，一场"世界市长对话"活动 给出响亮回答。 "商都"堪称古都郑州的重要文化标志。3600年前，商王朝在此定都，青铜的辉光肇始了这座王城的文明序 章。 对话是合作的起点。当一个立体、真实、全面的郑州被世界看到，也就有了更多携手发展的可能。 旧巷新生，在各种困难和挑战中实现民生改善、遗址保护、文化传承和城市发展等多方面的共赢，郑州做对 了什么？ "我们遵循'保留城市记忆、延续历史文脉'原则，坚持保护为先、民生为本、文化为魂、发展为要。对阜民里 片区，在保留原有街巷肌理、建筑特色和历史风貌基础上，实施小规模、渐进式更新改造，通过植入新业 态、新场景、新设施，推动文商旅融合发展，破解传统城市更新单一改造和建设带来的经营难题，让百年里 巷焕发新的生机与活力，既有文化厚度，又有人情温度。"郑州市副市长张艳敏向外国友人分享道。 郑州的探索与实践，引发对话嘉宾 ...

新华社郑州10月25日电 题：文化赋能：中国古都在赓续文脉中传承发展 新华社记者任卓如、袁月明 "中国在协调文化遗产保护与城市发展方面的做法让我非常钦佩。"登上距今约3600年的商代城墙， 眺望远处充满现代感的城市天际线，第一次来到河南省郑州市的保加利亚舒门市副市长尼古拉·科列夫 由衷感叹道。 10月24日，在"世界市长对话·郑州暨2025郑州国际旅游城市市长论坛"现场，与会嘉宾参加高端对 话。新华社记者 郝源 摄 10月22日至25日，"世界市长对话·郑州"活动举行。来自意大利、西班牙、保加利亚、新西兰等国 的市长、城市代表以及海内外专家学者、国际旅行商代表等共计约300名嘉宾齐聚中原，围绕"赓续古都 文脉 赋能城市更新"主题， 就 文旅融合发展、城市治理、城市更新等议题展开深入交流与经验分享。 紧邻商代城墙遗址的阜民里街区，正是这一理念的生动写照。这里曾是郑州最大规模的连片棚户 区，房屋老旧、基础设施落后。如今通过"留改拆建""绣花针"式的微改造，老街巷的肌理得以保留，古 韵与新潮在此交织。 漫步阜民里街区，融入了艺术展演、特色餐饮、创意集市的新业态让沉睡的历史空间"活"了起来， 成为连接古今的文旅新地标 ...

Group 1 - The article emphasizes the importance of unity and responsibility in planning for the new chapter of development in the Asia-Pacific region, highlighting President Xi Jinping's upcoming attendance at the APEC informal leaders' meeting in South Korea [1][3] - APEC is described as the highest-level and most influential economic cooperation mechanism in the Asia-Pacific region, focusing on open cooperation and common development to address changes and challenges [1][3] - The article outlines China's commitment to deepening mutually beneficial cooperation with neighboring countries, including South Korea, to achieve common development [3][4] Group 2 - Xi Jinping's remarks at the APEC Business Leaders' Summit highlight the success of Asia-Pacific cooperation over the past 30 years, attributing it to the commitment to regional peace, true multilateralism, and open regionalism [5] - The Asia-Pacific region accounts for one-third of the world's population and over 60% of the global economy, making it a vital growth engine and a leader in regional economic integration [5][7] - China has become a key driver of regional integration, with trade between China and other APEC economies growing by 2% year-on-year, reaching 19.41 trillion yuan, which constitutes 57.8% of China's total trade [7][8] Group 3 - Xi Jinping stresses that the development of the Asia-Pacific region relies on openness and cooperation rather than confrontation, advocating for collaborative approaches to address global challenges [8][10] - China has actively participated in various trade agreements and initiatives, such as the Regional Comprehensive Economic Partnership and the China-ASEAN Free Trade Area, to foster an open Asia-Pacific economy [8][10] - The article notes that China's stable economic growth contributes significantly to the global economy, with an average annual growth rate of 5.5% from 2021 to 2024, and a contribution rate of around 30% to global economic growth [19][21] Group 4 - The article highlights the deepening of China-South Korea relations since their establishment in 1992, with bilateral trade reaching 328.08 billion USD in 2024, marking a 5.6% increase [14][13] - Cultural exchanges between China and South Korea are flourishing, with initiatives such as visa-free travel for ordinary passport holders and various cultural events enhancing mutual understanding [14][17] - The strategic communication between the leaders of China and South Korea is seen as crucial for guiding the development of their bilateral relationship and promoting regional stability [12][13] Group 5 - China's commitment to high-level openness and multilateralism is evident in its trade partnerships with over 150 countries and regions, as well as its efforts to promote regional integration through various initiatives [22][24] - The article underscores China's role in driving sustainable development in the Asia-Pacific region through green initiatives and technological cooperation [21][24] - The upcoming APEC summit in 2026, hosted by China, is positioned as an opportunity to further enhance cooperation and collective prosperity in the region [24]

Core Insights - The consumer willingness index in China for Q2 2025 is 120.2, indicating a slight decline from the previous quarter and a year-on-year decrease of 7.1 points, suggesting a stabilization phase in consumer sentiment [1][8][10]. Consumer Willingness Index Comparison - The willingness index shows significant regional and demographic disparities, with the Northeast region scoring the highest at 127.4, while the Western region is the lowest at 111.5 [17][19]. - Urban consumers have a higher index (122.2) compared to rural consumers (109.4), with first-tier cities outperforming lower-tier cities [19][21]. - High-income consumers have an index of 140.0, significantly higher than middle-income (120.9) and low-income (111.3) groups, indicating a widening gap in consumer sentiment [21][28]. Consumer Satisfaction and Economic Outlook - Over half of consumers (55.5%) perceive prices as "high," despite a slight decrease in CPI, reflecting a persistent expectation for price reductions [2][49]. - Consumer satisfaction regarding current economic conditions is slightly declining, with 30.5% rating it as "good" and a satisfaction index of 114.1 [30][32]. - Expectations for future economic conditions are also low, with only 44.5% believing their situation will improve in a year, marking the lowest level since the survey began [34][38]. Spending Behavior and Future Intentions - Consumers are primarily saving (51.8%) and investing in children's education (45.3%), with a notable increase in savings intentions [2][11]. - There is a strong demand for home appliances, clothing, and travel in the next six months, with the "trade-in" policy showing effectiveness but facing limitations [11][12]. - The automotive sector is seeing a rebound in consumer intent, particularly for mid-range vehicles priced between 100,000 to 200,000 yuan, although the growth in new energy vehicle adoption is slowing [12][48]. Policy Recommendations - Recommendations include enhancing social security, stabilizing growth and employment, reducing educational burdens, and issuing consumption vouchers to boost consumer confidence [2][14]. - Emphasis on improving the quality of products and services is crucial for encouraging consumer spending [11][48].

Group 1 - The company disclosed that the controlling shareholder, Xi'an Qujiang Tourism Investment (Group) Co., Ltd., has seen a reduction in its shareholding from 41.76% to 40.11% due to the execution of a court-ordered auction of shares [1][2] - As of October 23, 2025, the company has not yet received the auction confirmation from the Shaoxing Intermediate People's Court, but 4.21 million shares have been transferred [1][2] - The change in shareholding does not affect the control of the company, as the tourism investment group remains the controlling shareholder [2] Group 2 - The company will continue to monitor the auction results and will fulfill its information disclosure obligations as the situation progresses [2] - According to relevant regulations, the parties involved are prohibited from reducing their holdings within six months from the date of acquisition [2]

（原标题：今年上半年吉旅行服务出口同比增长10.3%） 据吉尔吉斯斯坦塔扎别克新闻网10月13日报道，根据吉国家统计委发布的数据，2025年1-6月，吉 旅行服务出口 5.295 亿美元，同比增长 10.3%；进口2.839亿美元，同比增长1.3%。 据统计，截至2025年8月底，伊塞克湖地区有963家餐饮机构，1833家酒店和家庭旅馆，旅游服务设 施较2019年大幅增长。 ...